Austrian firefighting equipment and fire protection specialist Rosenbauer reported higher sales and a wider operating margin for the first nine months of 2026. Operating cash flow, however, turned negative as more capital was tied up in the business. The company expects a higher volume of deliveries in the fourth quarter to improve cash flow.
Revenue rose 2.9% year on year to €978.6 million, driven by higher vehicle deliveries and growth in the preventive fire protection business. Operating profit (EBIT) increased from €33.4 million to €42.4 million, lifting the operating margin from 3.5% to 4.3%. Pre-tax profit rose from €10.4 million to €27.7 million, while the group posted a net profit of €16.6 million, compared with a €3.1 million loss a year earlier. The improvement came despite continued delays in deliveries to the Middle East and slower-than-expected progress in restructuring the fixed fire protection business.
Order intake falls, but the order book edges higher
New orders fell 5.3% year on year to €1.10 billion, still exceeding revenue for the period. The order book rose from €2.43 billion to €2.45 billion as of 30 September. Chief executive Robert Ottel said the company was prioritising more reliable operations and spare parts supply following its SAP rollout, alongside the timely delivery of customer orders.
Fourth-quarter deliveries are key to the full-year outlook
Rosenbauer recorded an operating cash outflow of €110.6 million, compared with an inflow of €2.0 million a year earlier. The group attributed the reversal to an increase in trade working capital from €471.9 million to €654.2 million. Net debt rose from €305.1 million to €390.9 million. Rosenbauer expects its scheduled fourth-quarter deliveries to improve operating cash flow and help reduce inventories further.
Management forecasts full-year revenue of around €1.55 billion and EBIT of about €90 million. Meeting those estimates would require roughly €571 million in revenue and €47.6 million in EBIT in the final quarter alone. That would put fourth-quarter operating profit above the €42.4 million earned in the first nine months combined. Rosenbauer cited uncertainty over public investment budgets, trade policy and geopolitical developments.
